The Securities and Exchange Commission announced that the Honorable Daniel T.K. Hurley of the United States District Court for the Southern District of Florida adopted in full the Report and Recommendation of Magistrate Judge James Hopkins and entered a Final Judgment setting civil penalties against Lawrence Gallo and Douglas Rasberry and ordered them to each pay a civil money penalty in the amount of $110,000.

Previously, on October 11, 2005, the Court enjoined Gallo from violating Sections 10(b), 13(d) and 16(a) of the Securities Exchange Act of 1934, and Rules 10b-5, 13d-1 and 16a-3(a) thereunder and from aiding and abetting or causing violations of Section 13(a) of the Exchange Act and Rules 13a-1 and 12b-20 thereunder, and enjoined Rasberry from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and from aiding and abetting or causing violations of Section 13(a) of the Exchange Act and Rules 13a-1 and 12b-20 thereunder. The Commission alleged in its Complaint that Gallo and Rasberry made materially false and misleading statements in filings with the Commission in violation of the federal securities laws.